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Rabo Wallet: a new way of paying

The Rabo Wallet, a wallet in your phone. Rabobank introduced this innovation to its Dutch customers on 11 February 2015.

It works as follows: Payment at the cash register is no longer made using cash or a physical bank card. Your bank card is stored electronically in the Rabo Wallet. All you have to do is hold your smartphone close to the payment terminal at the cash register and the amount to pay will be taken directly from your account. The Wallet will request a PIN number for payments of more than 25 euro. The need to use a PIN number can be switched off for payments of lesser amounts. This works fast and will avoid long queues at the cash register. Retailers can reward customer loyalty by sending customers offers and discounts through the Rabo Wallet. Users of the Rabo Wallet can also save customer loyalty cards in their phones. Carrying a bulky wallet will be a thing of the past.

Always available

Before the launch, we arranged for a test panel of customers, retailers and market stall-holders in the Leiden region to try the Rabo Wallet. Jacques Schijf is one of the people who has used the app since then: 'The big advantage is the speed of this method of payment. You save perhaps between 15 and 20 seconds, but when you add up all the time you spend at the cash register, it's a significant amount of time. Another big advantage is that criminals cannot skim my phone, it works very securely. And because I always have my phone with me, I always have my wallet in my phone as well.' Another panel member, Valerie van Haren, echoed this sentiment. 'I sometimes forget my bank card, but I always have my phone with me. Payment by telephone is great, I use the Wallet all the time. In Leiden you can now pay in most places with a mobile phone, it's only the restaurants that have not caught up yet.'

At the end of 2015, this app was available on three popular Samsung models. In 2016, we will expand this service, so that many more customers will be able to use it. Because most mobile phones are not yet suitable for Rabo Wallet payments, in 2015 we also added a chip to many of our debit cards to enable contactless payments. Around 1.8 million customers now have such a card, which allows them to pay amounts up to 25 euro without entering a PIN number. Approximately one-third of all payment terminals in the Netherlands are already suitable for contactless payments.